The Mortgage Application Process

Once you've found the home you want and know how much you can borrow, you're ready to apply for a home loan. Here's a step-by-step look at what to expect from the mortgage application process. We're here to help you along the way.

1. Complete your mortgage application

First, you'll be required to complete an application, including information about yourself and the property. Depending on your lender, you may be able to complete your application over the phone, online or in person.

4. Get a Loan Estimate

A lender is required by law to provide a Loan Estimate within 3 days of receiving a loan application. This document estimates the fees and closing costs for your loan such as appraisal and origination fees as well as title work. It also summarizes your loan terms and monthly payments.

5. Get a home appraisal

Before approving your loan, your lender will order a home appraisal to get the property's estimated market value. The appraised value is based on several factors, including:

The number and size of the rooms

The property compared to homes that have recently sold in the area

Amenities or characteristics, that could affect the value

Your lender will consider the appraised value when determining the amount and terms of a mortgage.

6. Receive a final decision

After you submit your mortgage application, provide your consent to proceed and supply any requested documentation, your mortgage loan officer will forward your paperwork to a loan processor, who will prepare and review your loan. An underwriter will then review your completed application to make a final decision based on the lender's criteria.

7. Close your mortgage

Once you've received final approval, you're ready for closing. During closing, you'll review and sign your closing documents and also pay the costs of processing your loan application.

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Important Information

You are leaving a Citi Website and going to a third party site. That site may have a privacy policy different from Citi and may provide less security than this Citi site. Citi and its affiliates are not responsible for the products, services, and content on the third party website. Do you want to go to the third party site?

Citi is not responsible for the products, services or facilities provided and/or owned by other companies.

Important Information

You are leaving a Citi Website and going to a third party site. That site may have a privacy policy different from Citi and may provide less security than this Citi site. Citi and its affiliates are not responsible for the products, services, and content on the third party website. Do you want to go to the third party site?

Citi is not responsible for the products, services or facilities provided and/or owned by other companies.